August 4, 2026

Merck + Pfizer + Amgen + Novo Q2 Earnings, LIPFENDRA + MariTide Focus, Wegovy Pill Hits 5M Prescriptions

Q2 pharma earnings day: Merck +5% $16.61B, Pfizer $15B, Amgen guides up + MariTide focus, Novo Q2 $12.09B with Wegovy pill at 5M+ prescriptions.

4 stories · Covering industry

Editor's Note

Tuesday delivered a four-company earnings cascade with peptide-and-obesity-relevant results across Merck, Pfizer, Amgen, and Novo Nordisk. Merck (NYSE: MRK) beat consensus with Q2 revenue of $16.61 billion (+5% YoY) versus $16.36 billion expected, driven by Keytruda at $8.37 billion (+5%, including $463 million from the new injectable Keytruda formulation) and highlighted the July 16 LIPFENDRA (enlicitide) oral macrocyclic peptide PCSK9 inhibitor FDA approval; full-year revenue guidance raised to $66.3-67.3 billion but adjusted EPS guidance cut to $2.66-2.76 due to a $5.7 billion Terns Pharmaceuticals acquisition charge. Pfizer (NYSE: PFE) beat with $15 billion Q2 revenue and $0.77 adjusted diluted EPS; CEO Albert Bourla said the obesity program is advancing with substantial momentum; midpoint of full-year 2026 revenue guidance raised to $60.5-62.5 billion; shares rose 1.86%. Amgen (NASDAQ: AMGN) beat and raised full-year revenue guidance to $38.2-39.4 billion (midpoint $38.8B versus $37.7B consensus); Repatha reached $953 million (+37% YoY), EVENITY $714 million (+38%), TEZSPIRE $486 million (+42%), UPLIZNA $335 million (+90%); MariTide Phase 3 obesity program continues advancing though Cantor Fitzgerald flagged a 4% bone mineral density decline from Phase 1 data as a potential safety concern. Novo Nordisk reported Q2 2026 results with sales of 78.49 billion kroner ($12.09 billion, +3% constant currency); Wegovy injectable reached 19.484 billion DKK (+1%), Wegovy pill hit 3.218 billion DKK on more than 5 million cumulative prescriptions, and Ozempic climbed 3% to 31.375 billion DKK; 2026 guidance raised.

Industry

Merck (NYSE: MRK) Q2 2026 Earnings Tuesday August 4 Beat Consensus With Revenue of $16.61 Billion (+5% YoY vs $16.36 Billion Consensus) Driven by Keytruda (Pembrolizumab) at $8.37 Billion (+5% YoY, Including $463 Million From the Newly-Launched Injectable Keytruda Formulation), Highlights the July 16, 2026 LIPFENDRA (Enlicitide) Oral Macrocyclic Peptide PCSK9 Inhibitor FDA Approval as the First Once-Daily Oral PCSK9 in the Class; Full-Year 2026 Revenue Guidance Raised to $66.3-67.3 Billion but Adjusted EPS Guidance Cut to $2.66-2.76 (Including a One-Time $5.7 Billion / $2.31 Per Share Charge Tied to the Terns Pharmaceuticals Acquisition)

Merck (NYSE: MRK) reported Q2 2026 earnings Tuesday August 4, 2026 before market open with quarterly revenue of $16.61 billion (+5% year-over-year), beating analyst consensus of $16.36 billion. Keytruda (pembrolizumab) generated $8.37 billion in Q2 sales (+5% YoY), exceeding analyst expectations of $8.27 billion; the total includes $463 million from the newly-launched more convenient injectable Keytruda formulation. Merck highlighted the July 16, 2026 LIPFENDRA (enlicitide) FDA approval as the first once-daily oral macrocyclic peptide PCSK9 inhibitor in the class, priced at $315 per month with peak sales potential of $5 billion by 2034. Full-year 2026 revenue guidance was raised to $66.3-67.3 billion from the prior $65.8-67 billion range, but adjusted EPS guidance was cut to $2.66-2.76 to reflect a one-time $5.7 billion ($2.31 per share) charge tied to the Terns Pharmaceuticals acquisition that closed in H1 2026. Merck shares rose 0.6% in early trading to $128.54. Broader pipeline highlights include continued growth of Winrevair (sotatercept for pulmonary arterial hypertension), Welireg (belzutifan for renal cell carcinoma), and Capvaxive (pneumococcal vaccine), plus the integration of Terns and Cidara acquisitions. Merck has beaten consensus in each of the trailing four quarters.

#merck #mrk #q2-2026-earnings #keytruda #pembrolizumab #injectable-keytruda #lipfendra #enlicitide #terns-pharmaceuticals #guidance-cut-eps #guidance-raised-revenue

Industry

Pfizer (NYSE: PFE) Q2 2026 Earnings Tuesday August 4 Beat Consensus With Revenue of $15 Billion and Adjusted Diluted EPS of $0.77; Full-Year 2026 Revenue Guidance Midpoint Raised to $60.5-62.5 Billion (From $59.5-62.5 Billion) With Approximately $1.5 Billion Upside From Non-COVID Products Partially Offset by a Reduction in COVID Treatment Forecast to Approximately $4 Billion for the Year; CEO Albert Bourla Says the Obesity Program Is Advancing With Substantial Momentum and Adjusted R&D Expenses Increased 12% Operationally to $2.7 Billion Driven by Oncology and Obesity Product Candidates; Shares Rose Approximately 1.86% to $25.50

Pfizer (NYSE: PFE) reported Q2 2026 earnings Tuesday August 4, 2026 with revenue of $15 billion and adjusted diluted EPS of $0.77, beating analyst expectations. The company raised the midpoint of its full-year 2026 revenue guidance to $60.5-62.5 billion, up from a previous $59.5-62.5 billion range. The guidance update reflected approximately $1.5 billion in upside from non-COVID products, partially offset by a reduction in the company's forecast for COVID-19 treatments (Paxlovid and Comirnaty) now pegged at approximately $4 billion for the year. Adjusted R&D expenses increased 12% operationally to $2.7 billion, driven by increased spending on oncology and obesity product candidates. CEO Albert Bourla said in the earnings call that the obesity program is advancing with substantial momentum and that the oncology portfolio remains a source of strength. Shares rose approximately 1.86% to $25.50 following the announcement. Pfizer's obesity program includes danuglipron (oral GLP-1) and multiple next-generation candidates advanced through the Metsera acquisition; the Metsera monthly-injectable ultra-long-acting GLP-1 candidate produced up to 11% weight loss over 28 weeks in Phase 2b data reported earlier in 2026.

#pfizer #pfe #q2-2026-earnings #obesity-program #danuglipron #metsera #oncology #covid-treatments #paxlovid #comirnaty #guidance-raised

Industry

Amgen (NASDAQ: AMGN) Q2 2026 Earnings Tuesday August 4 Beat Consensus and Raised Full-Year 2026 Revenue Guidance to $38.2-39.4 Billion (Midpoint $38.8 Billion Above the $37.7 Billion Consensus) With Adjusted EPS Guidance $22.30-23.50 (Midpoint $22.90 Above the $22.35 Consensus); Growth Drivers Include Repatha (Evolocumab PCSK9 Antibody) at $953 Million (+37% YoY), EVENITY at $714 Million (+38%), TEZSPIRE at $486 Million (+42%), and UPLIZNA at $335 Million (+90%); MariTide Phase 3 Obesity Program Continues Advancing With Multiple Trials Across Weight Management, Cardiovascular Outcomes, and Heart Failure Indications Though Cantor Fitzgerald Flagged a 4% Bone Mineral Density Decline From Phase 1 Data as a Potential Safety Concern

Amgen (NASDAQ: AMGN) reported Q2 2026 earnings Tuesday August 4, 2026 with a beat and raised full-year 2026 revenue guidance to $38.2-39.4 billion (midpoint $38.8 billion above the $37.7 billion analyst consensus). Adjusted EPS guidance is $22.30-23.50 (midpoint $22.90 above the $22.35 consensus). Growth-portfolio product performance drove the beat: Repatha (evolocumab, PCSK9 monoclonal antibody) reached $953 million (+37% year-over-year); EVENITY (romosozumab for osteoporosis) $714 million (+38%); TEZSPIRE (tezepelumab for severe asthma) $486 million (+42%); UPLIZNA (inebilizumab for neuromyelitis optica spectrum disorder) $335 million (+90%). The MariTide (maridebart cafraglutide, monthly-injectable antibody-peptide conjugate targeting GLP-1 and GIPR) Phase 3 obesity program continues advancing with multiple trials across weight management, cardiovascular outcomes, and heart failure indications; earnings-call commentary described 2026 as a year of disciplined MariTide data generation. Analyst scrutiny remains on the 4% bone mineral density decline observed in Phase 1 MariTide data (per Cantor Fitzgerald analysis) as a potential regulatory hurdle and safety disadvantage versus GLP-1 receptor agonist competitors. Amgen shares closed up 3.03% on August 4.

#amgen #amgn #q2-2026-earnings #repatha #evolocumab #evenity #romosozumab #tezspire #uplizna #maritide #maridebart-cafraglutide #phase-3 #bone-mineral-density

Industry

Novo Nordisk Q2 2026 Earnings Tuesday August 4 Report Sales of 78.49 Billion Danish Kroner ($12.09 Billion, +3% Constant Currency, +7% Adjusted Sales); Wegovy Injectable Reached 19.484 Billion DKK (+1% YoY), Wegovy Pill (Oral Semaglutide 25/50 mg for Obesity, Launched Q1 2026) Generated 3.218 Billion DKK on More Than 5 Million Cumulative Prescriptions Since Launch, and Ozempic (Semaglutide for Type 2 Diabetes) Grew 3% to 31.375 Billion DKK; 2026 Adjusted Sales Guidance Hiked From Prior Range to Down 6% to Flat at Constant Exchange Rates on the Wegovy Pill Strength

Novo Nordisk reported Q2 2026 earnings Tuesday August 4, 2026 with sales of 78.49 billion Danish kroner ($12.09 billion, +3% constant currency, +7% adjusted). Franchise performance: Wegovy injectable reached 19.484 billion DKK (+1% year-over-year); Wegovy pill (oral semaglutide 25/50 mg for obesity, launched Q1 2026) generated 3.218 billion DKK on more than 5 million cumulative prescriptions since launch; Ozempic (semaglutide for type 2 diabetes) grew 3% to 31.375 billion DKK. Novo Nordisk hiked its 2026 adjusted sales guidance to down 6% to flat at constant exchange rates, an improvement from the previous guidance that had reflected the substantially compressed pricing environment from the Trump administration Most-Favored-Nation deals and the July 1 Medicare GLP-1 Bridge Program launch. The Wegovy pill launch trajectory (5 million prescriptions in roughly six months) is one of the fastest oral obesity-drug uptake curves on record and effectively confirms the strength of the SNAC-enhanced oral peptide formulation strategy that Novo has pursued since the 2019 Rybelsus approval for type 2 diabetes. Novo shares tanked despite the raised outlook, reflecting concern about the tough Q2 2025 comparison and margin trajectory into 2027.

#novo-nordisk #nvo #q2-2026-earnings #wegovy #wegovy-pill #oral-semaglutide #ozempic #semaglutide #5-million-prescriptions #guidance-raised #snac